Indo Rama Q2 earnings satisfactory, to fuel expansion plans
14 Oct '05
1 min read
Indo Rama Synthetics, leading polyester producer from India, reported second quarter earnings at Rs 478.21 crore, against Rs 473.14 crore during same period, last year.
Net profit went up 33.8 percent at Rs 43.7 crore against the last year's figures of Rs 32.67 crore.
H1 gross sales of Indo Rama stood at Rs 1,091.75 crore against Rs 1,039.91 crore last year, recording 5 percent growth.
Net profit stood 29.7 percent on year-on-year growth in this fiscal and the company announced plans to raise US $100 million through FCCBs/GDRs/ADRs route from markets abroad to fund expansion plans, informed Chief Managing Director O P Lohia.
He said this quarter earnings will also fund expansion plans.
Planned polyester output will raise to 48 million tons at 40 percent over the next three years on per year basis from the present 34 MTP capacity.
Company's two new plants in India and Thailand will begin production by the second quarter of next fiscal, as a result polyster output will go up 100 percent, Lohia informed.
marketing@alchempro.com
